Digital Technologies Driving Growth of Oncology Clinical Trials Market
The Global Oncology Clinical Trials Market is expected to grow from USD 8.43 billion in 2022 to USD 12.75 billion in 2032, representing a Compound Annual Growth Rate (CAGR) of 4.7%. The market growth is driven by factors such as an increasing incidence of cancer, rising demand for personalized medicine, and the need for novel and effective cancer treatments.
The incidence of cancer worldwide is a primary factor driving the growth of the oncology clinical trials market. According to the World Health Organization (WHO), cancer is the second leading cause of death globally, with 9.6 million deaths estimated in 2018. As a result, the number of oncology clinical trials is increasing, which is expected to drive market revenue growth.
Another factor driving market revenue growth is the rising demand for personalized medicine. Personalized medicine involves developing treatments based on an individual’s specific genetic makeup, which can improve treatment outcomes and reduce side effects. Oncology clinical trials play a critical role in the development of personalized medicine by identifying genetic biomarkers that can be used to develop targeted therapies.
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Furthermore, the need for novel and effective cancer treatments is driving revenue growth in the oncology clinical trials market. Traditional cancer treatments such as chemotherapy and radiation therapy have significant side effects, and there is a growing need for alternative treatments that are more effective and have fewer side effects. Oncology clinical trials are evaluating the efficacy and safety of new cancer treatments, including immunotherapy, gene therapy, and targeted therapies.
The increasing adoption of digital technologies in oncology clinical trials is also driving market revenue growth. Digital technologies such as Electronic Data Capture (EDC), Clinical Trial Management Systems (CTMS), and electronic Patient-Reported Outcomes (ePRO) are streamlining the clinical trial process and improving data accuracy. Additionally, the rise in outsourcing of clinical trial services by pharmaceutical and biotechnology companies is driving market revenue growth by allowing companies to focus on their core competencies and reduce costs associated with in-house clinical trial management.
However, the high cost of oncology clinical trials and complex regulatory environment are expected to restrain market revenue growth. The cost of conducting oncology clinical trials includes the cost of drugs, recruiting and retaining patients, and monitoring and managing the trial. In addition, the complex regulatory environment governing clinical trials can make it challenging for companies to conduct trials in multiple countries.
Based on the phase of clinical trials, the Phase III segment is expected to account for the largest revenue share during the forecast period as these trials evaluate the safety and efficacy of a new treatment in comparison to the standard of care or placebo. Phase II trials are designed to evaluate the safety and efficacy of a new treatment in a larger patient population, following promising results from Phase I trials and are expected to register the fastest revenue CAGR during the forecast period. Phase I trials are the first step in evaluating the safety and dosage of a new treatment in humans, which is necessary before the treatment can be evaluated in larger-scale trials. Finally, Phase IV trials are conducted after a treatment has been approved by regulatory agencies, to evaluate its long-term safety and efficacy in a larger patient population.
Based on trial design, interventional trials are expected to account for the largest revenue share during the forecast period as these trials involve the administration of a new treatment to evaluate its safety and efficacy. Observational trials are useful in evaluating the long-term safety and effectiveness of treatment and are often conducted after a treatment has been approved by regulatory agencies. The observational trials segment is expected to register a significantly fast revenue growth rate during the forecast period.
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Key Players Operating in Oncology Clinical Trials Market
- Parexel International Corporation
- ICON plc
- Pharmaceutical Product Development, LLC
- PRA Health Sciences, Inc.
- PPD, Inc.
- Syneos Health
- Charles River Laboratories International, Inc.
- Covance, Inc.
- Quest Diagnostics
- PharPoint Research, Inc.
- Veristat, Inc.
The global Oncology Clinical Trials Market has been segmented as follows:
- By Phase Outlook:
· Phase I
· Phase II
· Phase III
· Phase IV
- By Trial Design Outlook:
· Interventional Trials
· Observational Trials
- By Trial Design Outlook:
· Breast Cancer
· Lung Cancer
· Prostate Cancer
· Colorectal Cancer
· Others
- Regional Outlook:
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa
- Country Scope:
· U.S.
· Canada
· U.K.
· Germany
· France
· BENELUX
· China
· India
· Japan
· South Korea
· Brazil
· Saudi Arabia
· UAE
· Turkey
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